BTC - AT A GLANCE - THE TREND IS YOUR FRIEND...
M1: Ongoing trend reversal which has been triggered by a doji pattern,
Current candle is for the time being confirming this bearish price action (long black
candle).
In addition, the 38.2 % Fib ret @ 45575, has nearly been reached, low so far being 42'185.
Monthly closing level at the end of May will be crucial !!!
W1 : Last W1 closing @ 46'444 is below the Mid Bollinger Band which should be seen as
an additional warning, confirming the ongoing trend reversal.
Last support barrier is @ 40'550 and a failure to hold above this level would open the door for
37'350 ahead of 34'372 !!!
D1 : Breakout confirmation of the former support trend line around 49300-49000 (yesterday's price
action triggered a doji pattern !)
H4 : Below the cluster and below the clouds.Only a sustainable recovery above 46'000 would neutralise
"temporarily" the ongoing downside risk.
H1 : MBB @ 46'000 too
M30 : MBB @ 44'800
M15 : Watch cluster @ 44'350
M5 : Watch the clouds ! A successfull upisde breakout of the 44'000-44'500 would be the first signal of a very
short term recovery which should be seen as A CORRECTIVE MOVE ONLY and used as TACTICAL TRADING OPPORTUNITY
in a BROAD BEAR TREND !!!
Have a nice week
All the best
Take care
Ironman8848
Current candle is for the time being confirming this bearish price action (long black
candle).
In addition, the 38.2 % Fib ret @ 45575, has nearly been reached, low so far being 42'185.
Monthly closing level at the end of May will be crucial !!!
W1 : Last W1 closing @ 46'444 is below the Mid Bollinger Band which should be seen as
an additional warning, confirming the ongoing trend reversal.
Last support barrier is @ 40'550 and a failure to hold above this level would open the door for
37'350 ahead of 34'372 !!!
D1 : Breakout confirmation of the former support trend line around 49300-49000 (yesterday's price
action triggered a doji pattern !)
H4 : Below the cluster and below the clouds.Only a sustainable recovery above 46'000 would neutralise
"temporarily" the ongoing downside risk.
H1 : MBB @ 46'000 too
M30 : MBB @ 44'800
M15 : Watch cluster @ 44'350
M5 : Watch the clouds ! A successfull upisde breakout of the 44'000-44'500 would be the first signal of a very
short term recovery which should be seen as A CORRECTIVE MOVE ONLY and used as TACTICAL TRADING OPPORTUNITY
in a BROAD BEAR TREND !!!
Have a nice week
All the best
Take care
Ironman8848
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.